Novanta (NASDAQ:NOVT) Releases Q4 Earnings Guidance

Novanta (NASDAQ:NOVT) issued an update on its fourth quarter earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.70-0.74 for the period, compared to the consensus estimate of $0.97. The company issued revenue guidance of $237-242 million, compared to the consensus revenue estimate of $263.99 million. Novanta also updated its FY 2024 guidance to 3.020-3.060 EPS.

Analyst Ratings Changes

Separately, Robert W. Baird raised their price target on Novanta from $170.00 to $175.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th.

Novanta Stock Down 5.4 %

Shares of NOVT stock traded down $9.46 during midday trading on Tuesday, reaching $164.71. 250,862 shares of the stock were exchanged, compared to its average volume of 139,033. The firm has a market cap of $5.91 billion, a PE ratio of 94.92 and a beta of 1.29. The company’s 50 day moving average is $174.56 and its two-hundred day moving average is $169.58. Novanta has a 1 year low of $111.20 and a 1 year high of $187.12. The company has a current ratio of 2.77, a quick ratio of 1.73 and a debt-to-equity ratio of 0.68.

Novanta (NASDAQ:NOVT) last released its earnings results on Tuesday, August 6th. The technology company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.69 by $0.04. Novanta had a return on equity of 15.77% and a net margin of 6.91%. The business had revenue of $235.86 million for the quarter, compared to the consensus estimate of $233.63 million. During the same period in the previous year, the company posted $0.80 earnings per share. The company’s revenue for the quarter was up 2.8% compared to the same quarter last year. On average, equities research analysts predict that Novanta will post 3.3 EPS for the current year.

Insider Activity at Novanta

In other news, CFO Robert Buckley sold 1,111 shares of the firm’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $180.45, for a total transaction of $200,479.95. Following the sale, the chief financial officer now owns 120,419 shares of the company’s stock, valued at $21,729,608.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last three months, insiders have sold 9,150 shares of company stock valued at $1,608,936. 1.20% of the stock is owned by corporate insiders.

Novanta Company Profile

Novanta Inc, together with its subsidiaries, provides precision medicine and manufacturing, medical solutions, and robotics and automation solutions in the United States and internationally. The company operates through three segments: Precision Medicine and Manufacturing, Medical Solutions, and Robotics and Automation.